Ann: Wizard Lake Production Update -1800 boed, page-76

Just to add a bit of life to poor WBE thread I will throw this question at youall.

We in the west have a holiday tomorrow, Monday, a long weekend. What happens elsewhere is the bourse open or shut.

Strange times, the oil price, and seemingly our company is in the hands of a novel virus. Global markets collapsing because of a “pandemic “ that is effecting less than one thousand people outside of China, Iran and a cruise ship.
And I thought the global warming hysteria was insane.
Apparently the air has become cleaner in a host of Chinese cities.

Iran has become increasingly interesting of late. It has been one of the few counties to keep open air flights to and from China. The Mullahs have a mixed respect for modern science, liking nuclear all things and rockets but preferr medieval cures rather than modern vaccines and hygiene. Consequently Coronavirus is now rampant in Iran. Such hubris. The poor (most Iranians) don’t visit airports, mix with Chinese etc, so it is likely the virus effected is going to be slanted towards that portion of the population that holds the reigns of power.
The state of play has evolved to the point that China is contemplating banning flights from Iran to protect themselves from importing the Coronavirus from there.

Oil prices closed at $45.30 US after falling every day last week. The only optimistic thing I can think of was that the oil price hit a low mid trade on Friday in the mid $43’s but recovered to close the week off the days lows.

The Aussie dollar is very low at US 65 cents. Presumably WBE is still making a profit from every barrel of oil it sells, and still has some millions of dollars in the bank. Reduced profits but not bankruptcy looks to be the current future.

Wouldn’t like to have to raise funds now in this market. Happily we have finished building the facilities and paid for everything and have money in the bank. We are producing oil and gas at a profit (how much profit we don’t know) and have the funds to drill Rex4 and should soon increase our oil production on its completion.

As I noted regarding last Monday’s meeting and subsequent discussion the only expenditure out of regular expenses we are likely to incur is the cost of enhanced compression to increase our gas flow to market. Marginally economic gas wise but essential to increase oil production.

WBE the only bright star within a blanketing of gloom.

Saltbus